Event organizer Time Entertainment’s Nomu IPO was 1.4x covered by qualified investors, driving the firm to price its offering at SAR 80 per share — the top of the range it was guiding on, according to a disclosure to Tadawul. The company is floating a 20% stake in a secondary offering on the parallel market. While final allocations wrapped up yesterday, there’s still no word on when Time Entertainment’s shares will start trading on Nomu.

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Proceeds + market cap: The final price will see the firm’s four selling shareholders rake in SAR 16 mn inIPO proceeds (minus SAR 2.4 mn in IPO-related expenses), implying a market cap of SAR 80 mn at listing. Their shares will remain on lockup for 12 months from the first day of trading.

ADVISORS- Al Khair Capital is quarterbacking the transaction as financial advisor and lead manager. Alsaleh, Alsahli & Partners Law Firm is serving as legal advisor with RSM as the bookrunner. Receiving agents include Derayah Financial, Albilad Capital, Alkhabeer Capital, AlJazira Capital, ANB Capital, BSF Capital, Alinma Capital, GIB Capital, Alistithmar Capital, Riyad Capital, SAB Invest, Yaqeen Capital, Sahm Capital and SNB Capital.

REMEMBER- Most of the recent Nomu debuts are still trading below their IPO price: AxeleratedSolutions saw its share price fall 3% on its first trading day, while Dkhoun National also dropped 19.8% at debut and Service Equipment Company declined 10%. Future Vision for Health Training also shed 5.3% on its first trading day. All of these companies are still trading below their IPO price.

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